Pet Insurance - UK - September 2013
What
pet owners deem important when choosing a pet insurance policy can have a
direct effect on which channel they are likely to use when buying it.
Understanding this can give product providers a major edge over their
competition when it comes to product design, promotional activity and of
course, distribution strategies.
To
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TABLE OF CONTENT
Introduction
Abbreviations
Executive Summary
The market
Pet insurance market
set to keep on growing
Figure 1: Forecast
for value of the pet insurance market, by GWP, 2008-18
Channels to market
Market factors
Cost of veterinary
treatment continues to increase
Veterinary fees make
up a third of all money spent on pets
The value of
vet-related pet insurance claims on the rise
Companies, brands and
innovation
Market share
Brand promotion
Who’s innovating?
The consumer
Pet ownership
Figure 2: Pet
ownership, July 2013
Pet insurance
ownership
Figure 3: Pet
insurance ownership, July 2013
Pet insurance
providers
Figure 4: Pet
insurance brand share, July 2013
Considerations when
arranging pet insurance
Figure 5:
Considerations when arranging pet insurance, July 2013
Reasons for not
buying pet insurance
Figure 6: Reasons for
not owning pet insurance, July 2013
What we think
Issues in the Market
How can the value of
having pet insurance be better communicated?
Can anything be done
to get vet-related claims costs under control?
How can policies be made
easier to understand?
Do product
preferences have an influence on buying behaviour?
Trend Application
Improving the pet
insurance value proposition
Disease and
accident-specific pet insurance coverage
A pet insurance brand
with a personal touch
Market Drivers
Key points
Dog and cat
population each stand at about 8 million individually
Figure 7: Top pets in
the UK, 2010-12
Veterinary and other
services account for a third of money spent on pets
Figure 8:
Proportional annual household spend on pets, 2011
£1.8 billion spent on
veterinary and other services in 2011
Figure 9: Annual
household spend on pets, 2002/03-2011
Rising veterinary
treatment costs a double-edged sword
The value of
vet-related pet insurance claims up 58% since 2007
Higher claims costs
lead to the controversial exit of big name providers
A rise in fraudulent
claims further adding to insurer costs
Pet insurance
consumer complaints up by 50%
More can be done to
make policies easier to understand
Squeezed household
incomes a hindrance to further growth
Figure 10: Monthly
change in RPI and average weekly earnings, January 2010-June 2013
Charities and
self-insurance the main alternatives to pet insurance
SWOT Analysis
Figure 11: Pet insurance
market SWOT analysis, 2013
Who’s Innovating?
Key points
Direct Line launches
‘Pet Step’ promotional campaign
Confused.com creates
Facebook app to promote pet insurance
MORE TH>N expands
to four levels of cover and introduces ‘Multi Pet’
Dog’s Trust Lets with
Pets scheme
Market Size and
Forecast
Key points
Pet insurance gross
written premiums rise by just 2.6% in 2012
Figure 12: Value of
the pet insurance market, by GWP, 2008-13
Market forecast
Still plenty of room
for growth in new premiums
Figure 13: Forecast
for value of the pet insurance market, by GWP, 2008-18
Figure 14: Forecast
for total value of pet insurance market, at current and constant prices, by
GWP, 2008-18
Forecast methodology
Fan chart explanation
For More Information Insurance Market
Research Reports @ :
Market Share
Key points
Allianz and RSA
underwrite three quarters of pet insurance policies
Figure 15: Pet
insurance underwriter market share, based on GWP, 2012
AXA no longer
offering pet insurance to new customers
RSA’s rapid market
share growth reflects an aggressive strategy
Figure 16: Overview
of proportional market share for pet insurance providers, 2009-12
Companies and
Products
Agria Pet Insurance
Company description
Product range
Key data
Allianz Insurance Plc
Company description
Product range
Key data
Marketing and promotion
AXA Insurance
Company description
Product range
Key data
Direct Line Group
Company description
Product range
Key data
Marketing and
promotion
Equine and Livestock
Insurance
Company description
Product range
Key data
Royal & Sun
Alliance
Company description
Product range
Key data
Marketing and
promotion
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